Equinox Gold has revised its 2025 production and cost guidance, incorporating the upcoming business combination with Calibre Mining and addressing a slower-than-anticipated ramp-up at its Greenstone Gold Mine. The updated pro forma guidance projects 785,000 to 915,000 ounces of gold, with a strong performance expected from Greenstone in the latter half of 2025.
Equinox Gold's updated 2025 guidance reflects the integration of Calibre Mining and adjustments for the Greenstone Mine's ramp-up. The pro forma full-year 2025 production is now estimated at 785,000 to 915,000 ounces of gold. This comes with total cash costs (TCC) of $1,400 to $1,500 per ounce and all-in sustaining costs (AISC) of $1,800 to $1,900 per ounce. This guidance excludes production and costs from Calibre's Valentine Gold Mine and Equinox Gold's Los Filos Complex.
The Greenstone Gold Mine, which achieved commercial production in Q4 2024, has experienced a slower ramp-up than initially planned. Challenges include mine productivity, equipment availability, and lower-than-expected mined grades due to dilution. Despite these hurdles, Equinox Gold is actively implementing an improvement and optimization plan. May saw mining rates average 175,000 tonnes per day, a 25% increase over Q1 2025. The company anticipates continued quarter-over-quarter improvement, with stronger production from Greenstone expected in the second half of 2025.
| Mine | Gold Production/Sales (ounces) | TCC ($/ounce) | AISC ($/ounce) | Growth Capital ($ million) | Exploration ($ million) |
|---|---|---|---|---|---|
| Greenstone | 220,000 - 260,000 | $1,275 - $1,375 | $1,700 - $1,800 | $80 - $85 | $2 - $3 |
| Brazil | 250,000 - 270,000 | $1,725 - $1,825 | $2,275 - $2,375 | $35 - $40 | $21 - $24 |
| Mesquite | 85,000 - 95,000 | $1,200 - $1,300 | $1,800 - $1,900 | $10 - $15 | $2 - $3 |
| Nicaragua | 200,000 - 250,000 | $1,200 - $1,300 | $1,400 - $1,500 | $60 - $70 | $25 - $30 |
| Pan | 30,000 - 40,000 | $1,600 - $1,700 | $1,600 - $1,700 | $5 - $10 | $5 - $10 |
| Newfoundland | N/A | N/A | N/A | N/A | $15 - $20 |
| Total | 785,000 - 915,000 | $1,400 - $1,500 | $1,800 - $1,900 | $190 - $220 | $70 - $90 |
Greg Smith, President & CEO of Equinox Gold, acknowledged the slower Greenstone ramp-up but expressed confidence in the revised guidance. Darren Hall, incoming President & COO of Equinox Gold and current President & CEO of Calibre Mining, emphasized the immediate focus on Greenstone and the ongoing improvement plan. He also highlighted the positive progress at Calibre's Valentine Gold Mine, which is on track for first gold by the end of Q3 2025.
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